1904 $20 PR65 Ultra Cameo NGC. According to the
Encyclopedia of U.S. Gold Coins (2006), coauthor Jeff
Garrett believes the 1904 double eagle to be the most common date
of the type in proof. It must be noted, however, that the total
mintage of this issue was a mere 98 pieces (compare that to the
business strike production of 6,256,699 coins, or to the numbers
for any modern proof gold issue). Curiously, more than 100
specimens have been graded by NGC and PCGS, but this population is
certain to include multiple resubmissions of some of the coins, as
dealers and collectors attempt to obtain "upgrades" from one
company or the other.
The current offering is anything but common. In fact, this specimen
is the only example of the proof 1904 double eagle to be graded as
Ultra Cameo by NGC, at any grade level. Furthermore, none have been
designated as Deep Cameo at PCGS (as of January 2008).
The rarity of deeply prooflike examples is not surprising,
considering that this issue was produced in a brilliant format that
did not tend to impart a deep mirror finish to the fields, with
contrasting frosted devices that allow for a noticeable cameo
effect. It seems possible, and indeed likely, that this gorgeous
Gem was one of the first pieces (perhaps the very first) of the
entire issue to be struck, although this hypothesis is one that
cannot be proven.
Fully struck, with crisp definition throughout, and marvelous
overall quality that also includes virtually immaculate
preservation of the delicate surfaces. Large gold coins are
notoriously difficult to keep in pristine condition, but this piece
has obviously been handled with great care ever since being struck
at the Philadelphia Mint, more than 100 years ago. The Ultra Cameo
effect on both sides is indeed dramatic, and helps to ensure the
compelling visual appeal of this conditionally unmatched specimen.
A great coin that is certain to generate considerable excitement
when it crosses the auction block. Census: 1 in 65 Ultra Cameo, 0
finer (1/08).From The Ultra Collection.(Registry
values: P2) (PCGS# 99120)